Most small businesses are spending about $400 a year more than they need to on banking fees.
A new survey from retail and business finance researcher Canstar shows the banking options for small businesses are varied.
For those processing around 120 transactions a month, the difference between the cheapest and most expensive account was $34 a month. By looking for a better business transaction account, they could save around $400 a year.
Canstar national manager Derek Bonnar said banks relied on small business customers being too busy to find the time to switch because comparing business banking products was complicated.
It analysed 27 term loans, 80 credit cards and 25 deposit accounts and found BNZ's MyMoney and TotalMoney was the most affordable for small businesses with turnover of less than a million dollars a year. The MyMoney account offers unlimited transactions for $5 a month.
Bonnar recommended small businesses should not be put off by the hassle of changing accounts, and that they should look for accounts that charge low fees or even no fees because these products were available.
"You may not have to go to a new bank. You should ask your bank or small business manager if your account is the best one they can offer for your particular business needs. Many banks offer specialist small business managers and call centres that should be more than happy to review your current banking arrangements."
- © Fairfax NZ News